By Mark Kleinman, City Editor
Ministers have finalised the line-up of City bankers working on the privatisation of Royal Mail, underlining the Government's determination to press ahead with the sale despite intensifying trade union opposition.
Sky News can reveal that Investec, Nomura and Royal Bank of Canada have been appointed to junior roles on the prospective initial public offering (IPO) of Royal Mail, 48 hours after unions dismissed as "unacceptable" a three-year pay and conditions proposal from the company.
The trio of newly-appointed investment banks will work alongside Bank of America Merrill Lynch, Barclays, Goldman Sachs and UBS, which were all hired at the end of May.
The Department for Business, Innovation and Skills (BIS) declined to comment on the appointments but Whitehall insiders confirmed that the banks had been notified on Wednesday. The timing reinforces the intention of Michael Fallon, the Business Minister leading the sale, to press ahead despite the apparent hostility of the unions.
The seven-strong bank syndicate will share a smaller-than-usual pool of fees as ministers attempt to drive down the cost of a flotation. In total, the banks are expected to earn between £10m and £15m if the Government sells around £1bn of Royal Mail shares.
Lazard is also advising the Government on the privatisation plans.
Some storm clouds continue to hang over the privatisation, including volatility in financial markets which could be exacerbated by renewed troubles in the eurozone.
Royal Mail's employee relations also remain a key concern, with a pay offer earlier this week linking remuneration to an absence of industrial action.
Moya Greene, Royal Mail's chief executive, said on Monday: "Cooperation is central to the future success of the company. This offer represents Royal Mail's commitment to a long-term engagement strategy with the CWU and with our people.
"We have already built a stronger Royal Mail together through closer cooperation and trust in recent years. We are now offering a new long-term agreement with the CWU and our employees."
Dave Ward, the CWU deputy general secretary, responded to the offer by saying: "Postal workers want more security; what's on offer is less. With privatisation looming, the protections Royal Mail have put on offer are not worth the paper they're written on.
"Our members clearly voted – by a huge 99 per cent – for a pay rise without strings attached yet the company ignores them."
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